Hello Group CEO Li Wang Resigns On Health Grounds; Chair Yan Tang Takes Over Reins

Hello Group Inc MOMO, a mobile social and entertainment platform in China, disclosed that Li Wang has resigned as the CEO due to health reasons, effective immediately.
Executive Chair Yan Tang has assumed the role of CEO.
Wang will remain with Hello Group as an executive director and president, assisting Yan Tang in executing the company's core strategies.
Hello reported a second-quarter FY22 net revenue decline of 15.3% year-on-year to $464.4 million, beating the consensus of $445.3 million.
Monthly Active Users (MAU) on the Momo application were 111.2 million in June 2022, down from 115.6 million in June 2021.
Revenues from the Live video service declined 27.7% Y/Y to $226.9 million, Mobile marketing fell 30.4% Y/Y to $5.4 million.
Price Action: MOMO shares traded lower by 2.92% at $4.66 on the last check Friday.